The legislation to increase the maximum number of self-managed superannuation fund (SMSF) members from four to six will remain on the backburner as the Royal Commission recommendations remain priority for the Government.
Assistant Minister for Superannuation, Financial Services and Financial Technology, Jane Hume, spoke at the SMSF Association National Conference on the Gold Coast on Wednesday and said the Government was still committed to the legislation being passed.
“This proposed change increases the flexibility of our SMSF sector and will allow situations of families of up to four children to be part of a single family fund and it remains part of the government’s legislative priorities,” she said.
“But implementing the recommendations of Hayne Royal Commission is the number one priority.”
Hume noted the Government was also committed to improving the flexibility of the super system for older Australians by assisting them to save for their retirement such as the work test exemption, non-concessional contributions with the bring forward rule, and spousal contributions.
“The Government remains committed in passing this legislation ahead of the 1st July start date,” she said.
Amid a challenging market environment, three super fund CIOs have warned against ‘jumping at shadows’.
The professional body is calling for the annual performance test to transition to a two-metric test, so it better aligns with the overarching duty of super fund trustees to act in the best financial interests of their members.
AustralianSuper, Rest, and HESTA agree on the need to retain and enhance the test, yet they differ in their perspectives on the specific areas that warrant further refinement.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
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